Monday, June 17, 2024
16.6 C
London

Safaricom Losses Up to 15.3 Billion in Transaction Fees

Safaricom has so far lost up to 15.3 billion shillings since March 2020 when it allowed users to send money below Ksh. 1000.00 without transaction fees.

This is after Mpesa customers begun splitting huge amounts up to Ksh. 60000.00 to below Ksh. 1000.00 to avoid transaction fees thus handing the telecommunication giant a huge loss.

Due to this Safaricom made a bid to the Central bank of Kenya requesting to limit the number of free below-1000.00-shilling transactions that a customer can make.

Safaricom requesting that a limit of up to five-free-transactions per day be set, as the offer was being abused by people who’d take time to make as many 1000-bob transactions as possible to avoid paying transaction fees. Safaricom proposed to have only two limits per customer.

According to an article by Business Daily and seen by ShopaXo, users have been avoiding transaction fees of up to Ksh 105.00 by splitting huge amounts.

Safaricom had also asked the Central Bank to lower the limit from Ksh. 1000 to Ksh. 500 to reduce their losses of up to 1.7 billion monthly.

However, Safaricom was denied both requests by CBK thus handing the company a blow that will see it continue billions of shillings every month.

Hot this week

Currency Pairs Explained: Major, Minor, and Exotic Pairs

The foreign exchange (forex) market is the largest and...

Mash Poa Online Booking: Your Ultimate Platform for Seamless Travel Experience in Kenya

IntroductionWelcome to Mash Poa Online Booking, the ultimate platform...

Loan Repayment Calculator

(function() { var qs,j,q,s,d=document, gi=d.getElementById, ...

VAT Tax Calculator

(function() { var qs,j,q,s,d=document, gi=d.getElementById, ...

Zuku Fiber Packages, Price and Installation Cost

In this article, we look at Zuku Fiber packages,...

Topics

Currency Pairs Explained: Major, Minor, and Exotic Pairs

The foreign exchange (forex) market is the largest and...

Mash Poa Online Booking: Your Ultimate Platform for Seamless Travel Experience in Kenya

IntroductionWelcome to Mash Poa Online Booking, the ultimate platform...

Loan Repayment Calculator

(function() { var qs,j,q,s,d=document, gi=d.getElementById, ...

VAT Tax Calculator

(function() { var qs,j,q,s,d=document, gi=d.getElementById, ...

Zuku Fiber Packages, Price and Installation Cost

In this article, we look at Zuku Fiber packages,...

Infinix Zero 20 specifications and Price In Kenya

Let us begin with the cameras, for the selfies,...

Exploring the Excellence of National Express Buses in the UK

Welcome to our comprehensive guide to National Express buses...

Exploring the Best Buses in South Africa: Top Picks for 2024

As we get into 2024 proper, the bus services...
spot_img

Related Articles

Popular Categories

spot_imgspot_img
close